Michael Barr, the Federal Reserve's top financial regulator, announced his resignation as vice chair for supervision, averting a potential showdown with the incoming Trump administration. Barr, who will remain on the Fed's board of governors, faced criticism from Republicans and financial institutions over his proposed regulations.
Most of the region will see a solid 2 to 4 inches with amounts of up to 6 inches possible south of US 30. Traveling will be difficult. Michael Barr , Vice Chairman For Supervision of the Board of Governors of the Federal Reserve System, testifies before a Senate Banking, Housing, and Urban Affairs hearings to examine recent bank failures and the Federal regulatory response on Capitol Hill, Tuesday, March 28, 2023, in Washington.
(AP Photo/Manuel Balce Ceneta) The Federal Reserve's top financial regulator said Monday that he would resign next month, avoiding a potential confrontation with the incoming Trump administration and Republicans in the Senate. Fed governor Michael Barr said in a letter to President Joe Biden that he would step down as vice chair for supervision Feb. 28, or earlier if a successor was confirmed. Yet Barr said he would remain on the Fed's board of governors. His term as governor lasts until 2032.The proposal sparked fierce opposition from the largest financial firms, including JPMorgan Chase, and was sharply criticized by Senate Republicans. During last year's presidential campaign, there were published reports that former president Donald Trump would try to fire or demote Barr. But at a press conference in November, Fed Chair Jerome Powell said a president doesn't have the legal authority to do either one. Sen. Tim Scott, who is in line to chair the Senate Banking Committee, which oversees the Fed, on Monday called Barr's proposed financial regulations “disastrous.' He has previously said that they would limit lending by banks and weaken the economy. “Michael Barr has failed to meet the responsibilities of his position,” Scott said in a statement. 'I stand ready to work with President Trump to ensure we have responsible financial regulators at the helm.” By stepping down as vice chair, but not governor, Barr has limited the Trump administration's options to replace hi
Federal Reserve Michael Barr Resignation Financial Regulation Trump Administration
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